Category: Cobalt

An intensifying feud between shareholders of the giant Tenke Fungurume Mining SA in the Democratic Republic of Congo may lead a court-appointed administrator to block its exports of copper and cobalt. The administrator, Sage Ngoie Mbayo, began ordering the export suspension over the past week as he tries to resolve a dispute over royalty payments between CMOC Group Ltd. and state-owned miner Gecamines, according to four separate letters sent to a Congolese tax agency, and three export agents including a unit of France’s Bollore Group. The documents seen by Bloomberg were verified… Read More Here

A temporary administrator appointed by a Congolese court to run the world’s second-largest cobalt mine ordered majority owner CMOC to suspend marketing and export of its production, letters seen by Reuters showed. CMOC, which has previously said that Tenke Fungurume Mining (TFM) remains under its management, did not immediately reply to a request for comment on the letters dated June 29 and July 1. The order is the latest escalation in a dispute between CMOC, which owns 80% of TFM, and Democratic Republic of Congo’s state mining company Gecamines, which holds the remaining 20%. Congo’s government… Read More Here

Chinese firm CMOC is targeting the first half of 2023 for production to begin at its KFM copper-cobalt mine in Democratic Republic of the Congo. CMOC acquired a 95% stake in KFM, then called Kisanfu, from the DRC government in December 2020. CMOC paid US$550 million for the mine. Full production will see KFM produce an average of 90,000 tons of copper and 30,000 tons of cobalt. CMOC is also developing the Tenke Fungurume copper-cobalt mine, located 33 kilometres from KFM. In 2019, the mine produced 177,956 tonnes of copper… Read More Here

A dispute over one of the biggest copper and cobalt mines is escalating in the Democratic Republic of Congo, threatening to disrupt exports of essential battery materials and raising questions about the project’s future. A top executive from state mining company Gecamines said that partner CMOC Group Ltd. owes $7.6 billion in overdue payments, and even accused the Chinese metals producer and trader of posing a threat to national security. CMOC said it denies the allegations, “strongly” opposes what it views as unjustified attacks, and will defend its rights and interests. The… Read More Here

A temporary administrator appointed by a Congolese court to run the world’s second-largest cobalt mine took control of the project’s bank accounts after majority owner CMOC refused him access to the mine, an adviser said on Wednesday. In written responses to Reuters, CMOC spokesman Vincent Zhou reiterated comments from two weeks ago that the Tenke Fungurume mine (TFM) has not changed its management, but he did not address questions about TFM’s bank accounts. A Congolese court appointed the administrator, Sage Ngoie Mbayo, in February to manage TFM for six months after… Read More Here

A shareholder dispute over one of the world’s biggest copper and cobalt mines is heating up in the Democratic Republic of Congo, after state miner Gecamines threatened to block exports or even take the mine away from its partner, China Molybdenum Co. Congo’s Gecamines, which owns 20% of the Tenke Fungurume mine’s holding company, has accused CMOC of manipulating the project’s finances and says it owes as much as $5 billion in payments.  The disagreement has extended to who is actually running the mine: a Congolese court appointed a temporary administrator… Read More Here